A股公司大悦城（000031）11月26日早间公告，公司于7月31日召开董事会会议，同意由公司控股子公 司港股大悦城地产作为发起人，通过协议安排的方式回购、注销除公司和得茂有限公司以外其他股东所 持大悦城地产股份，并向港交所申请撤销上市地位。 截至本公告日，该计划于11月25日（百慕大时间）起生效，该建议的所有条件已经达成。大悦城地产在 港交所的上市地位预计自11月27日下午4时起撤销。这意味着这家在港交所上市12年的商业地产巨头， 将迎来告别时刻。 私有化后大悦城几近全部控股 资料显示，大悦城地产2013年在港交所上市，是中粮集团旗下的商业地产平台，主要从事开发、经营、 销售、出租及管理综合体和商业物业。截至2024年末，大悦城地产布局了全国五大城市群，拥有或管理 32个大悦城、大悦汇和其他商业项目，以及一线城市投资物业、销售物业、多地豪华酒店等。 业绩表现方面，大悦城地产上半年实现营业总收入81.24亿元，同比下降5.8%；净利润1.05亿元，同比 下降26.6%。 今年7月底，大悦城正式宣布，大悦城地产将通过协议安排的方式回购股份，并计划在港交所撤销上市 地位，回购的总代价约29.32亿港元。 回溯历史 ...

Core Viewpoint - Daxiyucheng Real Estate is set to privatize, ending its listing journey that began in 2013, with the decision approved by shareholders on November 17, 2025 [3][5]. Company Overview - Daxiyucheng Real Estate, a commercial real estate platform under COFCO Group, has established a presence in five major city clusters across China, managing 32 projects including Daxiyucheng and Daxiyuhui, along with luxury hotels and investment properties in first-tier cities [4]. Privatization Details - The total cost for the share repurchase is approximately HKD 29.32 billion, with the aim to enhance shareholder value and provide an exit opportunity for investors due to low stock liquidity and governance complexities [5]. - Post-privatization, COFCO Group's ownership in Daxiyucheng Real Estate will increase from 64.18% to 96.13%, significantly consolidating control [5]. Financial Performance - Daxiyucheng Holdings has reported continuous losses over the past three years, with losses of CNY 28.82 billion in 2022, CNY 14.65 billion in 2023, and an estimated CNY 29.77 billion in 2024, totaling over CNY 70 billion [5]. - However, Daxiyucheng Holdings is projected to turn a profit by the first half of 2025, benefiting from the privatization of Daxiyucheng Real Estate [5]. Industry Trends - The trend of privatization among real estate companies has been increasing, with several firms like Shouchuang Real Estate and China Hongtai Development following suit since 2021 [6]. - Key reasons for this trend include insufficient stock liquidity, loss of financing capabilities, and the need for strategic flexibility amid a challenging market environment [7].

本文自南都·湾财社。 采写 | 南都·湾财社记者 王艳玲 编辑 | 子衿 继五矿私有化之后，11月17日，大悦城地产发布公告称，当日举行的法院会议上，计划股东已批准私有化决议 案。待计划生效后，其上市地位预期将于11月27日下午四时起正式撤销。 大悦城地产是中粮集团旗下的商业地产平台，在港上市时长约12年。此番私有化后，中粮集团的地产平台仅有A 股上市的大悦城控股集团。 在港上市时长约12年 2013年大悦城地产以"中粮置地"之名借壳登陆港股，后更名为大悦城地产，正式开启资本市场征程。 2019年，中粮系启动重大资产重组，A股上市的大悦城控股以发行股份方式收购港股大悦城地产64%股权，希望 借助A股与港股两个资本市场平台，打通境内外融资通道。 2025年7月31日，大悦城地产宣布开启私有化。此次私有化由大悦城地产控股公司大悦城控股集团主导，拟以每股 0.62港元现金回购计划股份，总代价约29.32亿港元，资金来源为大悦城地产内部资源或外部债务融资。 此次私有化前，大悦城控股集团持有大悦城地产64.18%普通股股份，控股股东中粮集团全资子公司得茂有限公司 持股2.58%普通股及10.95亿股优先股，计划股东持股 ...

Core Viewpoint - Dalian Wanda Commercial Properties is set to privatize, with shareholders approving the buyout plan at HKD 0.62 per share, marking the end of its 12-year listing on the Hong Kong Stock Exchange [1][2]. Group 1: Company Overview - Dalian Wanda Commercial Properties, under COFCO Group, was listed in Hong Kong in 2013 and is now moving towards privatization in 2025 [2]. - The company plans to repurchase shares for a total consideration of approximately HKD 29.32 billion, funded by internal resources or external debt financing [1][2]. Group 2: Financial Performance - For the first half of 2025, Dalian Wanda reported total revenue of HKD 8.124 billion, a year-on-year decrease of 5.8%, and a net profit of HKD 105 million, down 26.6% [3]. - The company experienced a post-tax loss of approximately HKD 140 million due to changes in the fair value of investment properties and exchange rate fluctuations, while core net profit increased by 25.1% to HKD 244 million [3]. Group 3: Industry Context - The privatization of Dalian Wanda is part of a broader trend in the real estate sector, with several companies opting for privatization amid market challenges [4][5]. - Since September 2021, over 30 A-share and H-share listed real estate companies have delisted, with 28 being passive and 5 active delistings [5]. - Analysts suggest that companies choose to delist to reduce operational costs and enhance strategic flexibility, especially when facing low stock prices and regulatory pressures [5].

Group 1 - The core point of the article is that COFCO Group's subsidiary, Joy City Property, has received shareholder approval for its privatization plan, marking the end of its 12-year listing on the Hong Kong Stock Exchange, reflecting significant changes in the capital market and the real estate industry during a period of cyclical adjustment [2][4] - Joy City Property's development trajectory is closely linked to the golden period of China's commercial real estate, having been established in 1992 and listed in 2013, during which it became a benchmark enterprise in the sector with strong rental income growth [2][3] - The "A-share red-chip" structure, initiated in 2019, aimed to leverage both A-share and Hong Kong markets for efficient resource allocation, but failed to deliver expected financing synergies, leading to increased operational complexity and costs [3][4] Group 2 - The decision to privatize was driven by significant operational pressures, with cumulative losses exceeding 7 billion yuan from 2022 to 2024, and negative cash flow for two consecutive years, making the Hong Kong listing a financial burden [4][8] - The privatization is seen as a strategic move to streamline decision-making and enhance operational efficiency, allowing the company to focus on its core business areas [4][5] - The capital market responded positively to the privatization news, with a 45.95% increase in stock price following the announcement, indicating investor optimism regarding asset integration and strategic development [8][9] Group 3 - The trend of privatization among real estate companies is increasing, with 23 listed firms exiting the capital market in the past three years, reflecting a shift from high-leverage growth models to a focus on quality development [8][9] - Analysts suggest that while the industry is undergoing a transformation, it does not signify a decline but rather a rationalization and structural optimization, with strong companies likely to gain competitive advantages [9][10] - For companies like Joy City, with a strong state-owned background and quality asset reserves, privatization may open new growth opportunities during the industry's high-quality development phase [10]

Core Viewpoint - The privatization decision of Joy City Property, a subsidiary of COFCO Group, has been approved, marking the end of its 12-year listing on the Hong Kong Stock Exchange, with the delisting scheduled for November 27, 2023 [1][3]. Group 1: Privatization Details - The privatization process has been approved after four months of progress, with a total buyback amount of approximately HKD 29.32 billion, at a price of HKD 0.62 per share for non-affiliated shareholders [3][5]. - Post-privatization, Joy City Holdings' ownership will increase to 96.13%, while the stake of its subsidiary, De Mao, will decrease to 3.87%, leading to effective full control of the platform [3][4]. - Joy City Property, established in 1992 and listed in 2013, has developed a nationwide presence with 32 commercial projects across major urban clusters in China [4]. Group 2: Motivations for Privatization - The privatization is a strategic response to the cyclical downturn in the real estate market, which has pressured liquidity and market performance [5][6]. - Joy City Holdings aims to simplify governance and improve operational efficiency by consolidating control over its real estate platform, reducing regulatory compliance costs [5][6]. - Financially, Joy City Holdings has faced significant losses over the past three years, totaling over 7 billion yuan, making this privatization a crucial step towards improving profitability [5][6]. Group 3: Industry Context - The trend of privatization among real estate companies has been growing, with several firms opting to delist from the Hong Kong Stock Exchange due to market pressures and operational challenges [7]. - Key factors driving this trend include insufficient stock liquidity, narrowed financing channels, and the need for companies to adapt to a challenging market environment [7]. - The real estate sector is undergoing significant adjustments, and the trend of privatization is expected to continue over the next 2-3 years as companies seek to optimize operations and respond to market changes [7].

Core Viewpoint - Dalian City Real Estate is set to privatize, ending its listing journey that began in 2013, with the delisting expected on November 27, 2023 [2] Company Overview - Dalian City Real Estate, a commercial real estate platform under COFCO Group, manages 32 projects across five major city clusters in China, including first-tier city investment properties and luxury hotels [2] - The company is a consolidated subsidiary of Dalian City Holdings, which is listed on the A-share market [2] Privatization Details - The privatization resolution was approved by shareholders during a court meeting on November 17, 2023 [2] - The total cost for the share buyback is approximately HKD 29.32 billion [2] Shareholding Structure - Before the agreement, COFCO Group held 64.18% of shares, while after the privatization, its stake will increase to 96.13% [3] - This change indicates that Dalian City Holdings will have almost complete control over Dalian City Real Estate post-privatization [3] Financial Performance - Dalian City Holdings has reported continuous losses over the past three years, with losses of CNY 2.882 billion in 2022, CNY 1.465 billion in 2023, and an estimated CNY 2.977 billion in 2024, totaling over CNY 7 billion [4] - The company anticipates turning a profit by the first half of 2025, aided by the privatization [4] Industry Trends - The trend of privatization among real estate companies has been increasing, with several firms, including China Hongtai Development and Huafa Property, announcing similar moves [4][5] - Key reasons for privatization include insufficient stock liquidity, loss of financing capabilities, and the need for strategic flexibility amid a challenging market environment [5] - The real estate industry is undergoing significant adjustments, with expectations of continued consolidation and restructuring in the next 2-3 years [5]

Core Viewpoint - Dalian City Real Estate is set to privatize after being listed since 2013, with the decision approved by shareholders during a court meeting on November 17, 2023 [2][3]. Group 1: Company Overview - Dalian City Real Estate, a commercial real estate platform under COFCO Group, has established a presence in five major city clusters across China, managing 32 commercial projects and luxury hotels [3]. - The company plans to delist from the Hong Kong Stock Exchange on November 27, 2023, following a share buyback agreement valued at approximately HKD 29.32 billion [3]. Group 2: Financial Performance - Dalian City Real Estate has faced significant losses over the past three years, with reported losses of CNY 2.882 billion in 2022, CNY 1.465 billion in 2023, and an estimated CNY 2.977 billion in 2024, totaling over CNY 7 billion [4]. - The company aims to achieve profitability by the first half of 2025, with the privatization expected to enhance its equity and improve net profit margins [4]. Group 3: Industry Context - The trend of privatization among real estate companies has been increasing, with several firms, including China Hongtai Development and Huafa Property, announcing similar plans in recent years [4][6]. - Key reasons for this trend include insufficient stock liquidity, loss of financing capabilities, and the need for strategic flexibility amid a challenging market environment [5][6].

Core Viewpoint - The trend of real estate companies delisting is expected to continue over the next 2-3 years, with Dalian City Real Estate's privatization plan set to conclude its public listing journey by 2025 [1][4]. Company Summary - Dalian City Real Estate (00207.HK) announced that shareholders approved the privatization resolution during a court meeting on November 17, 2023 [1]. - The company's listing status on the Hong Kong Stock Exchange is expected to be officially revoked on November 27, 2023 [2]. - Dalian City Real Estate is a commercial real estate platform under COFCO Group, managing 32 projects across five major city clusters in China, including luxury hotels and investment properties [2]. - The total cost for the share repurchase plan is approximately HKD 29.32 billion [2]. - Prior to the agreement, COFCO Group held 64.18% of the shares, which will increase to 96.13% post-privatization [2]. Financial Performance - Dalian City Real Estate has reported continuous losses over the past three years, with losses of CNY 2.882 billion in 2022, CNY 1.465 billion in 2023, and an estimated CNY 2.977 billion in 2024, totaling over CNY 7 billion [3]. - Dalian City Holdings is expected to turn profitable by mid-2025, benefiting from the increased equity in Dalian City Real Estate post-privatization [3]. Industry Trends - The increase in privatization and delisting among real estate companies is attributed to several factors: insufficient stock liquidity, loss of financing capabilities, and ongoing losses and debt crises [4]. - Privatization allows companies to implement long-term strategies and enhance operational flexibility while reducing regulatory costs [4]. - The real estate industry is undergoing significant adjustments, with declining sales and a complex market environment, indicating that the trend of privatization will likely persist [4].

VIEW 克而瑞研究中心 "每周研究精读" ， 聚焦宏观、行业、房企、土拍、产品、客需、榜单等多个研究 成果，与各界探讨行业运行逻辑、变数及未来趋势。 点击标题阅读全文 排行榜 2025年1-10月中国房地产企业销售TOP100排行榜 百强房企1 0月销售操盘金额2530亿元，环比增0.1%，同比降41.9%；前1 0月30城累计成交9 8 2 5万平方米，累计 同比跌幅为7%。 市场与经营压力迫使房企考虑私有化退市。 观点 行业透视 | 京沪深新政余温延续，核心区强产品力改善盘领涨 新政对于二手房提振效果不及新房显著，整体成交规模在新政前后变化不大。 评司论企｜上坤退市、五矿私有化，房企退市潮何时休？ 土拍速递｜中建智地+未来科学城26亿竞得北京昌平宅地，天通苑板块时隔八年再迎宅地成交 北京市昌平区北七家镇歇甲庄村组合地块顺利完成出让，中建智地与北京未来科学城组成的联合体以 2 6 .01 亿元 底价竞得。 研报 土地月报｜成交同比降幅显著扩大，平均溢价率年内新低（2025年10月） 2 025年10月，土地成交规模环比回落，同比降幅亦显著扩大。据月末快报数据显示，当月土地成交建筑面积与金 额分别环比下降1 ...